Airbnb CEO Brian Chesky expressed his desire to expand the company beyond short-term rentals and travel during the 2024 Skift Global Forum. He envisions Airbnb offering a variety of services beyond just homes, aiming to launch new lines of business annually that could potentially generate billions of dollars in revenue. Chesky believes that now is the time to expand and move into a new phase for the company, focusing on growth and innovation.
One area of expansion for Airbnb will be longer-term stays, as Chesky sees potential in accommodating stays of 30 to 90 days which account for about 17% of bookings. He believes that online travel agencies will not be able to cater to this market as effectively as Airbnb. While travel will remain the core focus for now, Chesky believes there is potential for the company to expand beyond this sector in the future.
Airbnb recently relaunched its Experiences program after a hiatus of around a year and a half. The company removed experiences that did not meet its standards and focused on developing a new generation of the product. Airbnb is prioritizing local and unique experiences over mainstream tourist attractions, offering activities like handmaking pasta with a grandma in Rome instead of more traditional tours. However, there are plans to introduce ticketed experiences for iconic landmarks with a local and authentic twist.
Airbnb aims to continuously launch new business lines to drive revenue growth, with two to three new projects planned each year. The upcoming winter release will focus on a new business of matching hosts with property managers, while the summer release in May 2025 will expand the Experiences business and introduce other new initiatives. Chesky acknowledges that not every new venture will be successful, but the company is committed to exploring new opportunities and pushing boundaries.
Chesky emphasized the importance of innovation and adapting to changing consumer preferences in the evolving travel industry. He believes that Airbnb is entering a new phase of expansion beyond perfecting its core offerings. By exploring new categories and business lines, Chesky aims to position Airbnb as a versatile platform that can cater to a diverse range of consumer needs and preferences. The company’s focus on growth and innovation reflects its commitment to staying ahead of the curve in a competitive market.
In conclusion, Airbnb CEO Brian Chesky is focused on transforming the company into a versatile platform that offers a wide range of services beyond short-term rentals and travel. By continuously launching new business lines and exploring opportunities for expansion, Airbnb aims to generate billions of dollars in revenue annually. The company’s focus on local and authentic experiences, as well as longer-term stays, reflects its commitment to catering to the changing needs and preferences of travelers. With a strong emphasis on innovation and growth, Airbnb is poised to remain a key player in the travel industry and beyond.
